Unlike the FED, the central banks of the BRIC nations are concerned about sharply rising prices and are acting together to combat the disorder. Slowly but surely, they will grind the USD down.

Regards - VHF

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Russia's Central Bank Hikes Key Rates By 25 Bps

April 29, 2011

(RTTNews) - Russia's central bank on Friday unexpectedly raised its key interest rate to curb inflation. For the second time this year, the central bank lifted the refinancing rate by 25 basis points to 8.25 percent.

The central bank also raised the overnight deposit rate by a quarter point to 3.25 percent. The new rates will take effect on May 3.

The central bank noted that the inflation rate was 9.6 percent as of April 25. In a statement, Bank Rossii said the decision was taken due to high inflation expectations and taking into account the impact of global financial and commodities markets conditions on the Russian economy.